Second Quarter 2008 Financial Report

Second Quarter 2008 Financial Report

The Nexus FPSO building projects are developing in accordance with plans and the Nexus#1 FPSO was launched on June 22nd, 2008. Nexus#1 will be delivered in June 2009 while the company has decided to postpone the delivery of Nexus#2 to May 2011 in order to align delivery to market demand.

In July the company signed a Letter of Intent with Burgundy Global Exploration Corporation for the employment of Nexus#1 for the Camago Malampaya Oil Leg project in the Philippines.

The company has also over the past period completed paid FPSO placement study work on behalf of oil companies.

The market interest in Nexus`  vessels has remained positive and  the company considers the  market interest  as a positive  signal in  the efforts to secure contracts for the vessels.

"The building projects work are developing in accordance with the company's plans. We are pleased to have signed a Letter of Intent with Burgundy Global Exploration Corporation for the Malaympaya Oil Leg project, a challenging field development in deep waters in an area prone to typhoon activity. In  Nexus`  core   target  areas  there   are  several   interesting opportunities for FPSO  employment contracts from  2010 and  onwards. The delivery position of the Nexus  vessels is well  suited to  meet the increasing FPSO market demand", says CEO Anders Holm.

Please see attached files:

•         Q2 2008 Financial Report
•         Q2 2008 presentation

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For further information:
    Anders Holm, CEO
    aho@nexusfp.no
                +47 90 60 50 72       

    Arild Bårdsen, CFO
    aba@nexufp.no
                +47 92 66 75 90